WAAREE ENERGIES LIMITED WAAREEENER NIFTY_MIDNSETECH

Technology · Solar · India

Waaree Energies Limited manufactures and exports solar photovoltaic modules for residential, commercial, industrial, and institutional projects. It operates through three segments: Solar Photovoltaic Module Manufacturing, EPC and O&M Solutions, and the Independent Power Producer. The company offers HJT, TOPCon, mono PERC, polycrystalline, flexible, and special modules; off-grid and on-grid inverters; and solar products, such as solar streetlights, water heaters, and water pumps. It also provides engineering, procurement, and construction solutions; and operation and maintenance services; and operates as an independent power producer, which generates renewable energy. The company was founded in 1989 and is based in Mumbai, India.

Market & Price

Market Cap

₹90,345.53 Cr

Current Price

₹3,140.80

High / Low (52W)

₹3,737.70 / ₹2,419.00

Beta

Valuation

Stock P/E

27.70

Industry PE

25.13

Forward P/E

18.10

PEG Ratio

Book Value

₹502.20

Price to Book

6.25

P/S

3.40

EV/EBITDA

14.67

Dividend Yield

0.13%

Profitability & Returns

ROCE

24.21%

ROE

31.57%

ROA

12.33%

Profit Margin

13.99%

Op Margin

15.05%

EPS (Latest Qtr)

₹36.89

EPS (TTM)

₹113.38

Balance Sheet & Liquidity

Debt/Equity

0.21

Quick Ratio

0.78

Current Ratio

1.38

Debt

₹3,212.62 Cr

Total Assets

₹19,747.38 Cr

Current Assets

₹13,156.82 Cr

Working Capital

₹4,370.68 Cr

Ownership

Promoter Holding

68.35%

Chg in Prom Hold

FII / Inst Holding

7.88%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹86,689.95 Cr

Total Revenue (TTM)

₹26,536.77 Cr

EBITDA

₹5,908.64 Cr

Free Cash Flow

₹1,262.44 Cr

Operating Cash Flow

₹1,626.95 Cr

Shares Outstanding

₹28.77 Cr

Gross Margin

31.86%

Payout Ratio

1.76%

Growth (CAGR)

Revenue 5Y

71.63%

Profit 5Y

191.18%

Revenue (YoY)

111.80%

Earnings (YoY)

71.20%

PROS

Strong return on equity of 31.6%.
Healthy ROCE of 24.2%.
Compounding revenue at 71.6% over 5 years.
Profit CAGR of 191.2% over 5 years.
Generates positive free cash flow.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

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Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	WAAREEENER WAAREE ENERGIES LIMITED NIFTY_MIDNSETECH	3,140.80	27.70	₹90,345.53 Cr	0.13%	24.21%	31.57%	71.63%	191.18%
2	TCS Tata Consultancy Services Limited NIFTY50NSEAITECH	2,258.90	16.61	₹8.17 L Cr	5.49%	54.93%	48.40%	5.80%	5.30%
3	INFY Infosys Limited NIFTY50NSEAITECH	1,160.90	15.01	₹4.70 L Cr	4.31%	41.66%	31.44%	3.44%	3.58%
4	HCLTECH HCL Technologies Limited NIFTY50NSEAITECH	1,183.80	19.31	₹3.20 L Cr	8.11%	27.21%	23.36%	8.65%	3.87%
5	WIPRO Wipro Limited NIFTY50NSEAITECH	204.25	16.26	₹2.14 L Cr	8.32%	18.42%	15.49%	4.05%	2.44%
6	TECHM Tech Mahindra Limited NIFTY50NSEAITECH	1,483.90	27.40	₹1.31 L Cr	3.44%	20.60%	16.61%	2.16%	-0.14%
7	LTM LTM Limited NSETECH	4,061.60	24.04	₹1.20 L Cr	1.85%	25.39%	21.29%	8.43%	4.41%
8	LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH	1,523.90	61.35	₹1.03 L Cr	-	27.64%	24.72%	0.98%	-
9	OFSS Oracle Financial Services Software Limited NIFTY_MIDNSEAITECH	9,964.00	33.00	₹86,750.89 Cr	6.67%	43.24%	32.61%	10.42%	13.48%

Quarterly Results

Figures in INR.

Metric	Dec 2024	Mar 2025	Jun 2025	Dec 2025
Revenue	3,457.29 Cr	3,934.94 Cr	4,425.83 Cr	7,565.05 Cr
Cost of Revenue	2,439.70 Cr	2,846.54 Cr	3,001.65 Cr	4,871.91 Cr
Gross Profit	1,017.59 Cr	1,088.41 Cr	1,424.18 Cr	2,693.14 Cr
Operating Expenses	384.91 Cr	300.71 Cr	608.92 Cr	1,032.24 Cr
Operating Income	632.68 Cr	787.69 Cr	815.26 Cr	1,660.90 Cr
EBITDA	809.71 Cr	992.37 Cr	1,168.67 Cr	1,829.56 Cr
Interest Expense	30.85 Cr	-6.46 Cr	43.25 Cr	93.28 Cr
Pretax Income	689.81 Cr	845.46 Cr	943.36 Cr	1,469.02 Cr
Tax Provision	182.93 Cr	200.99 Cr	170.47 Cr	362.23 Cr
Net Income	492.69 Cr	618.91 Cr	745.20 Cr	1,062.46 Cr
Diluted EPS	18.33	-	25.84	36.89

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue	2,843.64 Cr	6,608.01 Cr	11,371.23 Cr	14,375.51 Cr
Cost of Revenue	2,408.90 Cr	5,363.16 Cr	9,101.90 Cr	10,651.02 Cr
Gross Profit	434.74 Cr	1,244.85 Cr	2,269.33 Cr	3,724.49 Cr
Operating Expenses	363.86 Cr	570.15 Cr	967.84 Cr	1,386.82 Cr
Operating Income	70.89 Cr	674.70 Cr	1,301.49 Cr	2,337.67 Cr
EBITDA	197.71 Cr	910.73 Cr	2,135.03 Cr	3,056.00 Cr
Interest Expense	36.06 Cr	69.44 Cr	124.02 Cr	88.91 Cr
Pretax Income	118.37 Cr	677.15 Cr	1,734.20 Cr	2,564.64 Cr
Tax Provision	38.72 Cr	176.87 Cr	459.82 Cr	636.51 Cr
Net Income	75.64 Cr	482.76 Cr	1,237.18 Cr	1,867.39 Cr
Diluted EPS	2.63	16.80	43.06	67.96

Compounded Sales Growth

5 Years:	71.63%
1 Year:	111.80%

Compounded Profit Growth

5 Years:	191.18%
1 Year:	71.20%

Stock Price Performance

1 Year:	+4.16%
6 Months:	-3.67%
3 Months:	+3.88%
1 Month:	+0.71%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Assets	2,237.40 Cr	7,419.92 Cr	11,313.74 Cr	19,747.38 Cr
Current Assets	1,344.17 Cr	5,482.94 Cr	8,013.09 Cr	13,156.82 Cr
Cash & Equivalents	47.76 Cr	197.27 Cr	121.39 Cr	509.83 Cr
Inventory	538.17 Cr	2,708.87 Cr	2,585.53 Cr	2,692.11 Cr
Receivables	92.52 Cr	312.61 Cr	971.39 Cr	1,184.77 Cr
Total Liabilities	1,797.55 Cr	5,558.07 Cr	7,165.25 Cr	10,152.10 Cr
Current Liabilities	1,497.63 Cr	4,929.24 Cr	5,423.16 Cr	8,786.14 Cr
Long Term Debt	188.72 Cr	145.83 Cr	102.60 Cr	24.18 Cr
Total Debt	421.12 Cr	906.05 Cr	1,091.98 Cr	1,492.37 Cr
Total Equity	427.65 Cr	1,838.41 Cr	4,087.81 Cr	9,479.20 Cr
Shares Outstanding	28.73 Cr	28.73 Cr	28.73 Cr	28.73 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Operating Cash Flow	700.86 Cr	1,560.23 Cr	2,305.04 Cr	3,158.21 Cr
Investing Cash Flow	-674.86 Cr	-2,093.82 Cr	-3,340.27 Cr	-6,808.37 Cr
Financing Cash Flow	98.52 Cr	642.48 Cr	909.19 Cr	4,035.74 Cr
Capital Expenditure	-496.47 Cr	-865.43 Cr	-1,342.36 Cr	-3,274.10 Cr
Free Cash Flow	204.39 Cr	694.79 Cr	962.68 Cr	-115.89 Cr
Net Change in Cash	124.52 Cr	108.88 Cr	-126.04 Cr	385.58 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Gross Margin %	15.3%	18.8%	20.0%	25.9%
Operating Margin %	2.5%	10.2%	11.4%	16.3%
Net Margin %	2.7%	7.3%	10.9%	13.0%
ROE %	17.7%	26.3%	30.3%	19.7%
ROCE %	9.6%	27.1%	22.1%	21.3%

Shareholding Pattern

Insiders

68.35%

Institutions

7.88%

Public Float

24.89%

Analyst View

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WAAREEENER · Technology